New Delhi: Close on heels of the economic cooperation agreement inked during Prime Minister Atal Behari Vajpayee's visit to China, the government on June 26 cleared the Rs 30 crore FDI (Foreign Direct Investment) proposal of a Chinese company Haier Electrical Appliances to set up a 100 per cent subsidiary in India.

This was among the 25 FDI proposals involving almost Rs 150 crore cleared by Finance Minister Jaswant Singh, after the recommendation of the Foreign Investment Promotion Board (FIPB) on June 26.

Most of the proposals pertain to wholesale trading, electronics and IT services.

The other major proposals were from UK-based VentureTech Assets Ltd, Netherland-based Perot Systems Investments BV and Berkeley Square Holding.

The other FDI proposals were from iGate, Saint-Gobain, Swedish Match and Motorola Singapore Pte.

The Chinese electrical company plans to set up a wholly owned subsidiary in Delhi for manufacture, sale, supply, after-sales services and 'cash and carry' wholesale trading activities of electrical products.

VentureTech Assets would invest Rs 87.50 crore in Chennai-based Sify for setting up public data network for providing e-commerce, EDI and internet services. The Indian company would offer about 1.02 million shares to the foreign partner.

PTI